Genseco falls short of Q1 profit expectations

Nashville, Tenn. – Genesco Inc. reported profit beneath Wall Street expectations in the first quarter of fiscal 2016, with planned inventory reductions and e-commerce-related expenses hindering growth. The retailer reported net earnings of $9.88 million, a 29% decrease from $13.97 million the same period the previous year.



Net sales rose 5% to $661 million from $629 million. Same-store sales grew 4%. Genesco said that West Coast port-related delivery delays impeded same-store sales growth.



"Our first quarter results were generally in line with our expectations," said Robert J. Dennis, chairman, president and CEO of Genesco. "Our recent performance reflects solid top-line growth.”